THREE DECADES STRONG Building Healthy Partnerships...High quality tenant base including Amgen, Takeda, Google and LinkedIn Largest life science portfolio and development pipeline on

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THREE DECADES STRONG THREE DECADES STRONG

Building Healthy Partnerships

2016 DRIVING SUSTAINABLE ECONOMIES

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table of contents HCP OVERVIEW

PORTFOLIO OVERVIEW

CAPITAL STRUCTURE

OUR LEADERSHIP

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* Tenure (HCP/Industry)

HCP’s veteran leadership

HCP OVERVIEW

Justin Hutchens CIO – Sr. Housing & Care

(1/22)

Tim Schoen Chief Financial Officer

(10/21)

Troy McHenry General Counsel

(6/19)

Business Leaders

Kendall Young Sr. Housing & Care

(5/31)

Darren Kowalske Sr. Housing & Care - AM

(2/29)

John Stasinos International

(12/12)

Tom Klaritch Medical Office

(17/32)

Jon Bergschneider Life Science

(15/18)

Lauralee Martin President & CEO

(2/39)*

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HCP OVERVIEW

(1) Pro forma for sale of HCR ManorCare (“HCRMC”) non-strategic assets. (2) Based on Investment Portfolio as of 12/31/15 and annualized 4Q 2015 Portfolio Income, adjusted to reflect the pro forma impact from the sale of 50 HCRMC non-

strategic assets. The percentages in the pie chart reflect each segment’s income as a percentage of HCP’s total Portfolio Income on a pro forma basis. (3) Through 12/31/15 and assumes re–investment of dividends.

company overview » Leadership positions in multiple segments of

healthcare real estate

Well–balanced Investment Portfolio of 1,179 properties(1)

$1.9 billion Portfolio Income(2)

» Compound annual shareholder return of 14.9%(3) since IPO in 1985

First healthcare REIT named to the S&P 500 index

31 years of consecutive dividend growth – the first REIT in the S&P 500 Dividend Aristocrats index

Senior Housing

41%

Post-Acute/Skilled 23%

Life Science

14%

MOB 14%

Hospital 4%

UK 4%

$23B Investment Portfolio(1)

Best–in–class Operating Partners

Strong U.S. Demographics

0

20

40

60

80

100

0%

5%

10%

15%

20%

25%

1980 1990 2000 2010 2020 2030 2040 2050

% 85+ % 75-84 % 65-74 65+ Population

% o

f U.S

. Pop

ulat

ion

Population in Millions

This Decade

5

83%

75%

80%

85%

90%

95%

100%Annual Dividend 1985 – 2016F:

Dividend per share

FAD payout ratio

$2.30(1)

HCP – the First REIT in the

S&P 500 Dividend Aristocrats index

(1) Estimated full-year 2016 dividend based on current quarterly dividend of $0.575 per share paid on 2/23/16.

» Dividend Aristocrats are S&P 500 companies that have increased dividends every year for at least 25 consecutive years

» Only 10% of S&P 500 companies are in this index

HCP OVERVIEW

31 Years of Consecutive Dividend Increases

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2015 highlights » Completed $2.1 billion of accretive investments focused on private pay:

$1.1 billion in senior housing, led by the $847 million acquisition of Chartwell’s portfolio

$700 million expansion in our life science and MOB office platform, including a $225 million institutional joint venture with Morgan Stanley owning an on-campus MOB portfolio, and $177 million class “A” life science development of The Cove Phase I

$278 million increase in our international investments, expanding our UK care home portfolio

» Generated $3 billion from financing and capital recycling activities, including $2.3 billion of debt at a blended rate of 3.5% (addressed 36% of 2016 debt maturities)

» Selling 50 HCRMC non-strategic assets for $350+ million, exceeding the high-end of our initial expectations (80% received to date)

» Executed 3.2 million sq. ft. of leasing in our life science and MOB portfolios and achieved the 6th consecutive quarterly all-time high life science occupancy of 98.2%, a 300 basis point improvement over the prior year

HCP OVERVIEW

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» Limited lease rollover totaling only 6%

» Income from HCRMC investments will be recognized on a cash basis, eliminating $150 million of non-cash income (no impact to FAD or cash same-store reporting)

» Focused on capital recycling with $450 million asset sales already under contract

» Addressed 36% of 2016 debt maturities early by completing $600 million bond deal in December 2015

» Remaining debt maturities of $900 million in 2016 (8% of total indebtedness)

» $1.6 billion of availability under $2.0 billion revolver as of December 31, 2015

» Commenced $185 million development of The Cove Phase II, in response to Phase I leasing success (half committed) and continued strong demand from life science users in South San Francisco

HCP OVERVIEW

2016 outlook

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HCP’s opportunistic & disciplined capital allocation

HCP OVERVIEW

Senior Housing

46% UK

26%

MOB 19%

8%

Life Science

1% Post-Acute/

Skilled Development

7.3% Blended Going-in

Cash Yield

$4B Accretive

Acquisitions 2014 - 2015

By Investment Type By Sector

Investment pipeline focused on private pay assets

Debt Investment

18%

9%

RIDEA JV 40%

Triple-net Leased

33%

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Continuing to grow and expand with

Best-in-Class partners Senior Housing and Care

MOB/Hospital Systems

Academic Institutions

Life Science and Venture Capital

HCP OVERVIEW

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HCR ManorCare update

PORTFOLIO OVERVIEW

Background

» Second half 2015 performance declined due to ongoing, industry-wide change in reimbursement models

» 2016 forecast:

» $125M cash on hand at year-end

Our Highest Priorities

$505M – $555M EBITDAR sensitivity range

1.06x – 1.16x Projected FCC

» Continue reducing HCRMC concentration

» Improve credit quality of HCRMC

» Ensure HCRMC’s high-quality care and service delivery continues

2011 2015 Continue reducing HCRMC

concentration 34% 24% Exited 50 non-strategic assets Rent reduction

Growing private pay and operating business in other sectors

Asset sales

Rent reduction

Several others…

HCRMC Concentration

Fixed Charge Coverage

Weakness in core SNF performance

Disruption from asset sales and transitions (32 assets closed in Q4/Q1)

1.17 0.97

0.00

0.50

1.00

1.50

1H'15 2H'15

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Brookdale portfolio update

PORTFOLIO OVERVIEW

50% in Triple-Net Leases (12.5% of overall portfolio - $240M Cash NOI)

50% in Operating Business (RIDEA) (12.5% of overall portfolio - $240M Cash NOI)

» No direct credit exposure

» We expect stable and growing cash NOI performance despite industry headwinds from new supply and wage pressures

Only 21% of HCP’s RIDEA NOI (2.7% of total Company NOI) is subject to new supply (within 5-mile radius of new construction)

3.0%-4.0% same store growth in 2016

» Strong JV alignment (10% to 51% BKD ownership)

CapEx investments to maintain competitive position

» Diversified care mix across healthcare spectrum:

IL 29%

AL 30%

MC 6%

SNF 3% CCRC

32%

» Blended rent coverage of 1.03x

» All leases guaranteed by Brookdale

Corporate FCC of 1.4x(1)

» Portfolio is comprised of multiple pools with staggered lease maturities

» Annual maturities do not exceed 5% until 2023, and remain below 10% through 2027

(1) Source: Brookdale Q4 2015 Supplemental. Adjusted for 5% management fee and capital expenditures @ $350/unit.

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Capital Allocation Strategy: Operating Business

PORTFOLIO OVERVIEW

(1) Reflects HCP’s current portfolio based on NIC-defined Top 31 MSAs for U.S. assets and HCP-defined regions for UK assets.

Private Pay Sources

Operating Businesses 30% 40% > 50%

Medical Office 13% 14%

Life Science 14% 14%

RIDEA Senior Housing 3% 13%

Triple Net Leases 70% 60% < 50%

Private Pay Sources 69% 76% > 80%

66%

95% 77% 74% 74%

62% 62% 47%

0%

20%

40%

60%

80%

100%

HCP LFE UK MOB HSP SH NNN RIDEA SNF

S.F. S.F. Manchester Dallas Dallas D.C. Houston Chicago

Dallas San Diego London Houston L.A. NYC Denver PHL

Houston San Jose Leeds Nashville ATL PHL Chicago Detroit

Top 3 Markets:

Perc

ent L

ocat

ed in

Top

Mar

kets

Expanding Portfolio in Growing, Well-Located MSAs(1)

Two Years Ago Current “Aspirational”

Life Science

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$1 billion investment portfolio (45% real estate, 55% debt investments) $0.4B invested through sale-leasebacks in 61 care homes

16 properties across 10 states $0.6B investments Quality operators including HCA and Hoag Memorial

228 properties across 28 states comprising 17.2M sq. ft. $3.6B investments 79% located on-campus; 95% affiliated with 200+ healthcare systems Strong occupancy of 91.9% New $225M institutional JV with Morgan Stanley on our Memorial Hermann portfolio acquired in June 2015

122 properties comprising 7.8M sq. ft. $4.0B investments High quality tenant base including Amgen, Takeda, Google and LinkedIn Largest life science portfolio and development pipeline on the U.S. West Coast Strong occupancy at an all-time high of 98.2%

266(2) properties across 29 states $4.3B investments Largest operator is HCR ManorCare, a leading provider of post-acute care

486(2) properties across 43 states $9.8B investments Eleven development projects totaling over $500M stabilized real estate value Largest partner is Brookdale Senior Living, the pre-eminent senior housing operator in the U.S.

$1.9 billion of Diversified Portfolio Income(1)

Post-Acute/SNF

41%

23%

Life Science 14%

Senior Housing

Medical Office 14%

Hospital

4%

International

4%

PORTFOLIO OVERVIEW

(1) Based on Investment Portfolio as of 12/31/15 and annualized 4Q 2015 Portfolio income, adjusted to reflect the pro forma impact from the sale of 50 HCRMC non-strategic assets.

(2) Pro forma for the sale of HCRMC non-strategic assets.

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SAME-STORE GROWTH from diversified portfolio

2012 2013 2011 2010 2014

S A M E - S T O R E G R O W T H B Y S E G M E N T

HCP’S OVERALL SAME-STORE CASH NOI GROWTH

4.2% 3.1% 4.0% 4.8% 3.3% 2015

0.5%

(1) Represents HCP’s average same-store Cash NOI growth from 2010-2015, inclusive of the 2015 HCRMC lease amendment.

Excluding HCR ManorCare

PORTFOLIO OVERVIEW

3.7%

Hospital 9.9%

Senior Housing 8.6%

Medical Office 2.7%

Post-acute/Skilled 1.4%

Life Science 0.5%

Senior Housing 6.6%

Hospital 4.6%

Medical Office 2.8%

Post-acute/Skilled 2.6%

Life Science 1.1%

Life Science 7.0%

Post-acute/Skilled 3.7%

Hospital 3.6%

Senior Housing 3.5%

Medical Office 2.7%

Senior Housing 5.1%

Hospital 3.7%

Post-acute/Skilled 3.5%

Medical Office 2.3%

Life Science (1.6%)

Senior Housing 3.6%

Post-acute/Skilled 3.5%

Life Science 3.4%

Hospital 3.1%

Medical Office 2.0%

Life Science 6.5%

Senior Housing 3.7%

Hospital 2.8%

Medical Office 2.1%

Post-acute/Skilled (7.1%)

Averaging +3.3%(1)

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Expanding UK

» $1 billion investment portfolio(1)

$0.4 billion invested through sale-leasebacks in 61 care homes; long-term NNN leases with EBITDARM coverages of 1.6x and cash yields of 7.3%

$0.6 billion debt investments

» Key relationships with HC-One (third largest operator) and Maria Mallaband (top ten operator focused on private pay care homes)

Total UK Portfolio by Investment Type(1)

Real Estate $0.4B 44%

Debt Investments

$0.6B 56%

UK Real Estate Portfolio by Operator(1)

HC-One $250M

60%

Maria Mallaband

$170M 40%

investment platform

(1) As of 12/31/2015.

PORTFOLIO OVERVIEW

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developments provide attractive risk adjusted return

Location Affiliation

Estimated Completion

Date Capacity

Investment Through 12/31/15

(in millions)

Estimated Total Investment (in millions)

Development

Robin Run Village (CCRC JV) Indianapolis, IN Brookdale 1Q 2016 69 Units $5 $6

Pearland II (MOB) Pearland, TX Memorial Hermann 1Q 2016 98k Sq. Ft. $14 $19

Deer Park (IL/AL) Deer Park, IL Formation Capital 1Q 2016 180 Units $41 $48

Sky Ridge (MOB) Lone Tree, CO HCA 1Q 2016 118k Sq. Ft. $23 $29

Vintage Park JV (IL) Houston, TX Formation Capital 2Q 2016 117 Units $10 $24

Cypress (MOB) Cypress TX Memorial Hermann 2Q 2016 165k Sq. Ft. $20 $36

The Cove - Phase I (LSE) S. San Francisco, CA CytomX, Denali 3Q 2016 247k Sq. Ft. $93 $184

Oakmont Village JV (AL) Santa Rosa, CA MBK (Mitsui) 1Q 2017 74 Units $2 $12

Woodlands Plaza 4 (MOB) The Woodlands, TX Memorial Hermann 2Q 2017 170k Sq. Ft. $-- $37

The Cove - Phase II (LSE) S. San Francisco, CA TBD 3Q 2017 230k Sq. Ft. $21 $185

Redevelopment

Folsom (MOB) Sacramento, CA UC Davis (Tenant) 2Q 2016 92k Sq. Ft. $60 $62

Bayfront(1) (MOB) St. Petersburg, FL CHS 2Q 2016 117k Sq. Ft. $14 $22

$303 $664

» Developments represent an attractive risk adjusted return in an environment where acquisition pricing has become aggressive

» Life science fundamentals have been strong, particularly in the Bay Area, driven in part by biotech companies’ access to capital

» Our phased development projects focus on class “A” real estate in strong markets with proven developers and operators, with appropriate levels of pre-leasing

(1) Represents a portion of the facility.

Avg./Total

PORTFOLIO OVERVIEW

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Dividend Payout Ratio

97% IN 2010

83% IN 2015

FAD

HCP FAD and Dividend growth

$1.92

$2.16 $2.23

$2.54 $2.57 $2.72

2010 2011 2012 2013 2014 2015

FAD

FAD/share

Dividend/share

$1.86

$1.92 $2.00

$2.10 $2.18

$2.26

$200M $20M FAD in excess of dividends

3%+ average same-store Cash

NOI growth(1)

70% expansion of Investment Portfolio

Balance sheet upgrade

Baa3 BBB

Baa1 BBB+

7.2% FAD/Share CAGR

(1) Represents HCP’s average same-store Cash NOI growth from 2010-2015, inclusive of the 2015 HCRMC lease amendment.

PORTFOLIO OVERVIEW

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» Target a balanced portfolio between longer-term escalating NNN leases and operating businesses with shorter-term leases in our Office and RIDEA platforms Limited RIDEA exposure (~13% Portfolio Income) compared to HCP’s peers

Long-term leases financed with long-term fixed rate debt

» Conservative capital structure New acquisitions underwritten at 40% (debt) / 60% (equity) capital structure

Minimal floating interest rate exposure

Standard REIT covenant package

» Strong liquidity and proven market access $2.0 billion multi-currency revolver

Issued $600 million of 7-year unsecured debt in December 2015 at a rate of 4.0%

Issued $750 million of 10-year unsecured debt in May 2015 at a rate of 4.0%

Issued $600 million of 10-year unsecured debt in January 2015 at a rate of 3.4%

committed to a Solid Balance Sheet

CAPITAL STRUCTURE

19 $883

$1,395

$635

$778 $831

$1,222

$916

$801

$1,151

$1,369

$350

$0

$400

$800

$1,200

$1,600

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Thereafter

Unsecured Term Loan Secured Debt (w/ pro rata JV) Senior Unsecured Notes

5.5% 5.9% 6.7% 3.1% 2.8% 5.5% 3.9% 4.4% 4.1% 3.9% 6.6%

($ millions)

(1) Debt maturity schedule as of December 31, 2015. Pro forma to reflect prefunding certain 2016 debt maturities in December 2015. (2) Excludes revolver and $287 million of other debt comprised of life care bonds, entrance fee liabilities and demand notes to the CCRC JV.

strong BALANCE SHEET WITH laddered DEBT MATURITIES(1)(2)

CAPITAL STRUCTURE

2019 2020 2021 2022 2023 2024 2025 Thereafter

Refinancing tailwinds over next several years

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CAPITAL STRUCTURE

~$2 Billion Immediate Liquidity from

Revolver, Asset Sales & Retained Cash $0.9 Billion

Remaining Maturities

$400 $35

$167

$202 $24 $9 $25 $0

$400

$800

$1,200

$1,600

$2,000

$2,400

Apr May Jun Jul Aug Sep Oct Nov Dec

Senior Unsecured Notes

Secured Debt

GBP Term Loan

($ in millions)

2016

maintaining Ample Near-Term Liquidity

21 4.50%

4.75%

5.00%

5.25%

5.50%

5.75%

6.00%

6.25%

2010 2011 2012 2013 2014 2015

Weighted Average Interest Rate

4.50

4.75

5.00

5.25

5.50

5.75

6.00

2010 2011 2012 2013 2014 2015

Weighted Average Maturity

80%

85%

90%

95%

100%

2010 2011 2012 2013 2014 2015

Percentage of Fixed Rate Debt

» Reduced weighted average interest rate by 160 bps since 2010

» Increased weighted average maturity to 5.6 years

» Less than 5% of debt is floating rate

(1) As of December 31, 2015. Pro forma to reflect prefunding certain 2016 debt maturities in December 2015.

well-managed debt profile(1)

CAPITAL STRUCTURE

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WHAT MAKES HCP compelling WE ARE: WE HAVE:

WE GROW: the value of our cash flows from our portfolio, via

long-term ownership in healthcare real estate that

is strategic to our operating partners

A disciplined and creative capital allocator

A capital partner with strong balance sheet and liquidity

An S&P 500 Dividend Aristocrat

A global sustainability leader

300+ healthcare relationships

Multiple avenues to achieve growth

Deep industry expertise across healthcare sectors

A uniquely diversified portfolio: robust Life Science and sector–leading CCRC Platforms

OUR LEADERSHIP

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Global Reporting Initiative Sustainability Report Published 1st Combined Annual + Sustainability Report 4th year to publish in accordance with the GRI G4 framework

CDP Investor Survey Named to Climate Disclosure Leadership Index for 2 of the past 3 years

NAREIT Leader in the Light Survey Awarded NAREIT Healthcare Leader in the Light for 3 of the past 4 years

Dow Jones Sustainability Index Assessment Named to DJS Index North America for 3rd consecutive year Named to DJS World Index for the 1st time (2015)

FTSE4Good Index Series Named to the FTSE4Good Index for 4th consecutive year

Global Real Estate Sustainability Benchmark Survey Named GRESB Global Healthcare Sector Leader for 3 of the past 4 years

OUR LEADERSHIP

HCP is a leader in Sustainability

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This presentation is being presented solely for your information, is subject to change and speaks only as of the date hereof. This presentation and comments made by management do not constitute an offer to sell or the solicitation of an offer to buy any securities of HCP or any investment interest in any business ventures of HCP. This presentation is not complete and is only a summary of the more detailed information included elsewhere, including in HCP’s Securities and Exchange Commission filings. No representation or warranty, expressed or implied is made and no reliance should be placed on the accuracy, fairness or completeness of the information presented. HCP, its affiliates, advisers and representatives accept no liability whatsoever for any losses arising from any information contained in this presentation.

FORWARD-LOOKING STATEMENTS The statements in this presentation, as well as statements made by management, which are not historical facts, are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, and HCP intends such “forward-looking statements” to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements include, among other things, statements regarding FFO, FAD, income, credit metrics and other financial projections and assumptions; financing expectations; future business strategies, including but not limited to HCP’s development pipeline; HCRMC financial projections and asset sales proceeds; and dividends. These statements are made as of the date hereof, are not guarantees of future performance and are subject to known and unknown risks, uncertainties, assumptions and other factors — many of which are out of HCP’s control and difficult to forecast — that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include but are not limited to: HCRMC’s ability to meet its contractual obligations under the HCRMC lease amendment and risks related to the impact of the U.S. Department of Justice lawsuit against HCRMC, including the possibility of larger than expected litigation costs, adverse results and related developments; HCP’s reliance on a concentration of a small number of tenants and operators for a significant portion of its revenues; the financial weakness of tenants, operators and borrowers, including potential bankruptcies and downturns in their businesses, and their legal and regulatory proceedings; the ability of HCP’s tenants, operators and borrowers to conduct their respective businesses in a manner sufficient to maintain or increase their revenues and to generate sufficient income to make rent and loan payments to HCP; competition for tenants and operators; competition for skilled management, nurses and other trained personnel; availability of suitable properties to acquire at favorable prices and the competition for the acquisition and financing of those properties; the ability of HCP’s own tenants and operators to maintain costs and to compete for skilled management and nurses; HCP’s ability to negotiate the same or better terms with new tenants or operators if existing leases are not renewed or HCP exercises its right to replace an existing tenant or operator upon default; the risks associated with HCP’s investments in joint ventures and unconsolidated entities; HCP’s ability to achieve the benefits of investments within expected time frames or at all, or within expected cost projections; the potential impact on HCP and its tenants, operators and borrowers from current and future litigation matters; the effect on healthcare providers of legislation addressing entitlement programs and related services, including Medicare and Medicaid, which may result in future reductions in reimbursements; the availability and cost of capital as impacted by interest rates, changes in our credit ratings, and the value of HCP’s common stock; changes in federal, state or local laws and regulations; volatility or uncertainty in the capital markets; changes in global, national and local economic conditions, and currency exchange rates HCP’s ability to manage its indebtedness level and changes in the terms of such indebtedness; HCP’s ability to maintain its qualification as a real estate investment trust; and other risks and uncertainties described from time to time in HCP’s Securities and Exchange Commission filings, including its 2015 Annual Report on Form 10-K. HCP assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law.

NON-GAAP FINANCIAL MEASURES This presentation contains certain supplemental non-GAAP financial measures. While HCP believes that non-GAAP financial measures are helpful in evaluating its operating performance, the use of non-GAAP financial measures in this presentation should not be considered in isolation from, or as an alternative for, a measure of financial or operating performance as defined by GAAP. You are cautioned that there are inherent limitations associated with the use of each of these supplemental non-GAAP financial measures as an analytical tool. Additionally, HCP’s computation of non-GAAP financial measures may not be comparable to those reported by other REITs. Reconciliations of the non‐GAAP financial measures to the most directly comparable GAAP financial measures can be found in HCP’s supplemental information packages and earnings releases, which are available on its website at www.hcpi.com in the “Presentations” section of the “Investor Relations” tab.

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